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C\�y of Little Can <br />dgd <br />COMMUNITY PRIDE <br />1953 - 2003 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(65l) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little-canada.mn.us <br />TO: Mayor & City Council Membors <br />FROM: Joel Hanson <br />Shelly Rueckert <br />DATE: May 9, 2003 <br />RE: Bond Redemption <br />The City currently has the following bond obligations that can be called. <br />• G.O. Improvement Bond Series 1993A <br />Principal balance outstanding $65,000.00 <br />Maturing 2/1/04 <br />Interest Rate 5% <br />• G.O. Improvement Bond Series 1995A <br />Principal balance outstanding $150,000.00 <br />Maturing in $50,000.00 increments on 2/1/04 — 2/1/06 <br />Interest Rate 5.8 %, 5.75 %, 5.8% <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Jim IaValle <br />Matt Anderson <br />Rick Montour <br />Bill Blesener <br />ADMINISTRATOR <br />Joel R. ,Ranson <br />The interest rates paid on these bonds exceeds the short term investment rates available <br />the City today. Therefore, the staff recommends using available cash to retire these debts <br />as oppose to investing cash at lower rates. <br />